XRP is currently consolidating after a sharp 20% retrace from its recent local high of $1.63, set last Saturday. Despite the pullback, XRP remains a strong contender in the market as it holds firm above critical demand levels, showcasing resilience amid broader market volatility. As Bitcoin flirts with the psychological $100,000 mark, XRP’s price structure continues to signal bullish potential, drawing attention from traders and investors alike.
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Crypto analyst and investor Carl Runefelt shared a technical analysis on X, suggesting that XRP could be on the verge of a significant breakout. According to Runefelt, if XRP successfully breaks a key resistance level in its current price range, the asset could retest its local highs of $1.60 in the coming days, setting the stage for another rally.
The overall market awakening has injected optimism into the crypto space, with XRP positioned to benefit from the momentum. However, maintaining strength above its current demand zone is crucial for XRP to sustain its bullish trajectory. Investors are closely watching for confirmation of a breakout, as XRP’s ability to reclaim its recent highs could signal the start of a larger upward trend in the weeks ahead.
XRP Looks Ready To Continue
XRP appears poised for another bullish rally, with technical indicators and market sentiment aligning to suggest a continuation of its upward momentum. As the broader crypto market shows signs of awakening, it stands out as one of the assets with the potential to set new yearly highs in the current cycle. Analysts and investors are increasingly optimistic, with many eyeing the $2 mark as the first significant milestone for XRP bulls.
Crypto analyst Carl Runefelt recently shared a detailed technical analysis on X, highlighting a key development in XRP’s price action. According to Runefelt, XRP is nearing the breakout point of a falling wedge pattern, a historically bullish structure.
If this breakout materializes, XRP could initially target its recent local high of $1.60. Breaking above this supply zone would signal strong buying momentum, paving the way for XRP to aim for new cycle highs and potentially surpass the $2 resistance level.
However, XRP’s journey to new highs isn’t without risks. Should the asset fail to break above the $1.60…
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